Iran’s petrochemical exports up by 32% in 8 months

Tasnim – The value of Iran’s exports of petrochemical products in the first 8 months of the current Iranian year (March 21 – November 21) increased by 32 percent compared to the same period last year, data released by Iran’s Customs Office showed.

Over the first eight months of the current Iranian year, $10 billion worth of petrochemicals was exported, showing a 32 percent increase compared to the same period last year.

About 21,000 tons of various petrochemical products were sold to foreign countries, according to the data.

However, the country’s exports of natural-gas condensate have dropped by 37 percent in the mentioned period, according to the report.

In August, CEO of National Petrochemical Company (NPC) Reza Norouzzadeh said Iran’s petrochemical industry was “unsanctionable” and that the exports would continue on schedule, hinting at US sanctions against the country.

US President Donald Trump walked away from the 2015 nuclear deal between Iran and world powers in May and re-imposed sanctions on the Islamic Republic.

US officials have also repeatedly said they will cut Iran’s oil exports to zero.

Trump on August 6 signed an executive order re-imposing many sanctions on Iran, three months after pulling out of the Iran nuclear deal.

He said the US policy is to levy “maximum economic pressure” on the country.

The second batch of US sanctions against the Islamic Republic took effect on November 4.